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'Fast Money' Recap: S&P 1700?

Jeff Weiss, chief technical analyst for Tejas Securities, took a bullish view, saying the market still has some unfinished business despite high oil prices and the problems in Europe.

Lee noted the financials performed well today. Kelly, who bought shares of the Financial Selector SPDR ETF (XLF) and SPDR S&P Regional Banking ETF (KRE), said bank stocks are doing well because of the improving capital markets. He said the banks should do even better if they get regulatory relief. With low interest rates, it doesn't take much for banks to drive earnings, he said.

Lee said spring came early for the major retailers which posted strong same-store results. Jeff Klinefelter, a Piper Jaffray analyst, said the strong results are across the board with consumer confidence rising and consumer discretionary spending on the rise.

He said it bodes well, for example, for a retailer like Gap (GPS), which was up 7.28%, on a 4% jump in same-store sales.

The analyst also liked JC Penney (symbol) on today's pullback. He said the retailer has an outstanding management team that has revolutionized the supply chain and maintained price integrity.

Shifting to investing opportunites to other parts of the globe, Seymour discussed what he found in a recent visit to Turkey. He said the industrial production story is alive and well in the country. He said the auto sector is strong, adding the trade there is in Fiat. He also praised Turkey's banking industry, saying the trade there is through iShares MSCI Turkey Investable (TUR), which is heavily weighted toward banks. He said Turkey's markets will feel the impact of higher oil prices.

Kelly's emerging market choice was Brazil for its GDP growth and a central bank that has pursued stimulative policies. He advised playing Brazil through the iShares MSCI Brazil Index ETF (EWZ).

Lee brought in Jing Ulrich, chairman of global markets, China, for JPMorgan, to talk about China's economy. She said concerns about a sharp economic slowdown have subsided and predicted growth will pick up in the second half of the year.

She said China's leaders learned the lessons of creating too much liquidity and are taking small incremental steps to steer the economy. She said the country is pursuing tax reforms and providing assistance to small and medium enterprises.

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